Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 24, 2026

Ernexa Therapeutics Inc. (ERNA)

A forensic read on Ernexa Therapeutics Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-147.2

Distress distance

Clean

Earnings quality

Forensic signals

-686.7%

ROE

755.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ernexa Therapeutics Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -147.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $0.0M to FY2025 $+0.5M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.

261% of rev

FY2024

Stock-based comp load. Stock-based compensation ran 261% of revenue in FY2024 — about $1.67 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 593.1% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$582,000.00

Revenue Growth YoY+755.9%

Net Margin-7652.7%

Free Cash Flow-$7.1M

Return on Equity-686.7%

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Data from SEC EDGAR public filings · metrics as of Oct 24, 2026. Forensic signals flag probability, not certainty.